UK market most dynamic
In his speech to conference delegates in Madrid yesterday, Coogan identified the reasons why the UK is one of the fastest growing markets in the world. He highlighted:
• The introduction of voluntary regulation through the Mortgage Code in 1997, which has since been used as the basis for the European Code of Conduct for Mortgages, and has also been the model for key aspects of the new statutory mortgage regime being introduced by the FSA.
• The CML’s initiative backed by lenders, insurers and the Government to promote sustainable home-ownership, which has resulted in an increase in take up of mortgage payment protection insurance to around 30% of new borrowers.
• The emerging equity release market, which is estimated to have a potential worth of £50 billion in ten years time and will be integral to meeting public policy needs.
• The significant growth of the buy-to-let market, which has the dual benefit of providing an alternative method of investment for consumers and bolstering the private rental sector.
Coogan said: “The UK is a favourable operating environment for lenders and others in the market and remains a core financial centre for operating in Europe. In the mortgage market, it is the market leader and test site for exciting new developments brought about by the effect of globalisation, as well as innovation from UK based organisations. Competition is vibrant and…the opportunities are many and varied for world class performers to make their mark.”